Tecnicas Climbs on Kepler Rating, Expansion Report: Madrid Mover

Feb. 6 (Bloomberg) -- Tecnicas Reunidas SA was the second-biggest climber on Spain’s benchmark IBEX 35 Index today after
Kepler changed its recommendation on the stock to “buy” from
“hold,” and Expansion reported that the Spanish engineering
company may bid for U.K. contracts.

Tecnicas may join with Ferrovial SA to bid for contracts to
build nuclear plants in the U.K. in the next few years,
newspaper Expansion reported today. Kepler Capital Markets today
raised its target for the stock to 33.5 euros from 29.3 euros,
citing higher-than-expected order intake in 2011 and better 2012
prospects.

“After a very difficult 2011, with strong competition from
Koreans in the Middle East and delays in contracts in other
areas, we believe that Tecnicas is well ahead in its ‘transition
period,’” Natalia Bobo, a Madrid-based analyst at Kepler, wrote
in a report sent to investors.

Tecnicas dropped 42 percent last year, making it the
fourth-worst performer in the IBEX 35. The company has won
several construction contracts in the past few months, and has
advanced 8.1 percent this year.